Pure Multi-Family REIT announced that it has entered into an agreement to sell Livingston Apartments, located in Plano, Texas, for gross proceeds of US $34.3 million. The sale is expected to close at the end of October, 2016.
Livingston is comprised of 180 residential units, situated on 11.8 acres of land and was built in 1998. Pure Multi-Family REIT acquired Livingston in August 2013 for US$25.5 million. As part of Pure Multi-Family’s commitment to create value for its unitholders through selective dispositions, Pure Multi-Family REIT anticipates using the net proceeds from this profitable sale and reinvesting it into another quality asset in the near future.
Steve Evans, CEO, stated, “Having successfully executed our value-add initiatives at Livingston, we are excited to capture this value we have created through this profitable sale and we intend to re-invest these proceeds in a timely manner into another quality asset.”
About Pure Multi-Family REIT
Pure Multi-Family REIT is a Canadian based, publically traded vehicle which offers investors exclusive exposure to attractive, institutional quality U.S. multi-family real estate assets.
Additional information about Pure Multi-Family is available at http://www.puremultifamily.com or www.sedar.com.